Spotify, which recently hired advisers to explore a direct listing on the New York Stock Exchange, reported an operating loss of EUR 349 million ($389 million) in 2016, up 47 percent compared with the previous year.
The company, which depends on acquiring content licences from a limited number of music majors, struck a new deal with Vivendi-owned Universal Music in April.
The move could make the streaming platform more attractive to its top-selling artists, such Adele, Lady Gaga, Coldplay and Kanye West, by letting them release albums exclusively to premium users.
Spotify is now hoping to strike deals with Sony Music and Warner Music in the run-up to a market listing, a source close to the matter said in May.
The music streaming service, which competes for users and advertising with cash-rich rivals such as Apple Music and Amazon Music among others, will be the first major company to carry out a direct listing on the New York Stock Exchange when it goes public this year or early next year, two sources have told Reuters.